While the Dogecoin community is waiting for Tesla CEO Elon Musk to participate in the TV show Saturday Night Live (SNL) on May 8, DOGE owners have various questions.
First, will Musk, who regularly refers to the popular joke-coin DOGE in his tweets, will also mention Dogecoin in SNL? This hope / expectation is based on a tweet Musk referred to as “Dogefather” on April 28.
— Mira Christanto (@asiahodl) April 28, 2021
The second question is: Will this latest promotion be enough to raise the DOGE price to $ 1? From the moment Musk posted his Dogefather tweet, the DOGE price rose from $ 0.2580 to $ 0.3562. It increased by 38.06% in less than 72 hours. It even reached its intraday high of $ 0.3733.
On the crypto exchange Bittrex, the Dogecoin price hit an all-time high of $ 0.4481 on April 16, which helped Dogecoin become the fifth most valuable crypto asset in terms of market capitalization for a short period of time.
On the day Musk tweeted the “Dogefather“, Joanna Ossinger, editor at Bloomberg, published an article titled “It’s Difficult to Take Dogecoin Seriously, But Doge Doesn’t Care Anyway.”
Jeffrey Halley, a senior market analyst at Oanda Asia Pacific Pte., Told Ossinger in the article:
Dogecoin has no commercial or investment use in sight, except for speculative madness and an attempt to make money… I think its appeal lies in the fact that its price is very, very cheap instead of $ 60,000. Compared to Bitcoin, its price makes the coin much more accessible to an individual investor.
John Wu, head of blockchain company Ava Labs, which develops Avalanche blockchain software, told Ossinger:
I want to put some respect on @RobinhoodApp / @vladtenev’s name. Consider that they took a chance on Dogecoin when places like Coinbase didn’t, for years. Consider that this whole run wouldn’t likely have happened without them having taken that chance. They saw something in DOGE.
— Shibetoshi Nakamoto (@BillyM2k) April 30, 2021
If your marketing manager is Elon Musk, anything is possible.
Many people believe that Dogecoin’s spectacular rally would not have happened if trading platform Robinhood had not added Dogecoin support on July 16, 2018. Dogecoin co-founder Billy Markus was one of those who believed Robinhood should be given its due:
I want to pay my respects to Robinhood. Note that while platforms like Coinbase don’t add Dogecoin, they do add DOGE to the platform. Imagine that this whole rally wouldn’t have happened if they didn’t add DOGE to the platform. They saw something in DOGE.
Eddie van der Walt, editor of Bloomberg News, mentioned Dogecoin in a short video (released April 29):
— Bloomberg Quicktake (@Quicktake) April 29, 2021